Sec 194 Q and sec 206C(1H)

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193 Points Posted on 22 December 2022
Dear experts, my query is A is a seller he started business FY 22-23. Business begins from JULY 22. A turnover up Nov around 8 lakhs. Mr. A sold goods to Mr. B exceeds 1 crore. But Mr.B turnover not exceeds 10 crore preceeding FY 21-22. Mr.B turnover exceeds 10 crore for current FY 22-23. In this scenario TDS and TCS applicable or not. pls advice me.
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On 22 December 2022 at 20:33 Report
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This discussion clarifies the applicability of Section 194Q (TDS on purchase of goods) and Section 206C(1H) (TCS on sale of goods) based on buyer and seller turnover. It explains that if a buyer's turnover exceeds ₹10 crore in the preceding financial year, they must deduct TDS under Section 194Q, regardless of the seller's turnover. Further details may be required for a complete assessment.

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122 Points Posted on 22 December 2022
Not applicable
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On 22 December 2022 at 20:43
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193 Points Posted on 22 December 2022
In case buyer exceeds the turnover preceding FY 10 crore. but seller turnover not exceeds preceeding FY 10 crore. 194Q is applicable on buyer Deduct TDS? pls tell me.
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On 22 December 2022 at 21:17
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122 Points Posted on 22 December 2022
Yes irrespective of seller turnover buyer deduct tds if his turnover crosses 10 crores previous year
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On 22 December 2022 at 21:54
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Profession
28261 Points Posted on 23 December 2022
THERE ARE OTHER DETAILS REQUIRED WHICH IS REALLY ESSENTIAL.
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On 23 December 2022 at 08:48
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122 Points Posted on 23 December 2022

WHAT ARE THE OTHER DETAILS PLEASE EXPLAIN

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On 23 December 2022 at 17:59
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M Com FCS LLB M-AIMA
14046 Points Posted on 24 December 2022
Originally posted by : Ataur Rehman

In case buyer exceeds the turnover preceding FY 10 crore. but seller turnover not exceeds preceeding FY 10 crore. 194Q is applicable on buyer Deduct TDS? pls tell me.

Yes in that case buyer needs to deduct tds under section 194Q of the Act. 

 

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On 24 December 2022 at 16:57

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